<h2>最近的股价表现和业务组合</h2>
<p>MakeMyTrip (MMYT) 在经历了一段较弱的股价表现后引起了关注，过去一个月股价下跌了 11%，过去三个月下跌了 15%，这引发了对其基本面的更深入审视。</p>
<p>该公司在机票、酒店和套餐、巴士票务及其他服务方面的收入达到 10.4 亿美元，其中酒店和套餐贡献了超过一半的总收入。</p>
<p>请查看我们对 MakeMyTrip 的最新分析。</p>
<p>这些近期的挫折发生在前几年强劲增长之后。当前股价为 44.09 美元，短期动能显然在减弱，相较于三年和五年的长期股东回报。</p>
<p>如果这种降温的动能让你重新评估旅行和科技领域的机会，扩大视野，看看其他公司如何布局，包括 21 家顶尖创始人领导的公司，可能会很有帮助。</p>
<p>随着股价降温和收入约为 10.4 亿美元，真正的问题是 MakeMyTrip 现在是否被低估，还是市场已经将所有未来的增长都计入了价格。</p>
<h2>最受欢迎的叙述：39% 被低估</h2>
<p>与最后收盘价 44.09 美元相比，最受关注的叙述将 MakeMyTrip 的公允价值定为 71.90 美元，这对未来的盈利能力寄予了很大期望。</p>
<blockquote>
<p><em>在线旅行的普及正在扩大，受益于互联网和智能手机渗透率的持续增长，以及对数字预订的日益适应，尤其是在渗透率较低的二线和三线城市，这可能进一步扩大 MakeMyTrip 的可服务市场，并支持持续的收入和预订量增长。</em></p>
<p><em>可支配收入的增加和消费者偏好向体验和频繁旅行的结构性转变，包括国际出境旅行的增长，为增加毛预订量和经常性收入提供了广阔的空间，这在国内和国际两个领域的强劲同比增长中得到了体现。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>想了解是什么支撑了价格与公允价值之间的差距吗？这个叙述在很大程度上依赖于快速的盈利复合增长、扩大的利润率和更高利润率旅行服务的丰富组合。具体的增长路径在这里详细列出。</p>
<p><strong>结果：公允价值为 71.90 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，这取决于竞争是否不会迫使降低佣金率，以及旅行需求是否能够避免可能影响预订和利润的重大地缘政治或监管冲击。</p>
<p><strong>华尔街在排队等待一枚火箭。</strong> 当 SpaceX 倒计时准备上市时，其他与新太空竞赛相关的公司已经在轨道上。→ 20 家引人注目的太空公司观察名单 · 全球太空竞赛投资理念筛选器 · 按 Rocket Lab 的估值页面扫描该行业的估值。</p>
<h2>另一个角度：盈利倍数的看法</h2>
<p>社区叙述依赖于未来的盈利能力，但根据当前数据，MakeMyTrip 的市盈率为 80.7 倍。这大约是美国酒店行业 20 倍的 4 倍，远高于同行平均的 28.5 倍，以及市场可能转向的公允比率估计 54.5 倍。</p>
<p>这种差距有时可以通过更强的盈利或更低的股价来缩小。你认为对于你自己对这只股票、行业和时间范围的假设，哪条路径更现实，尤其是如果增长或利润率与共识有所不同。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/04965fa8-0e48-4f6d-b994-aca16de29f0a/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA2LTA2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/04965fa8-0e48-4f6d-b994-aca16de29f0a/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA2LTA2"/></p>
<p>NasdaqGS:MMYT 截至 2026 年 6 月的市盈率</p>
<h2>下一步</h2>
<p>如果这种乐观与谨慎的混合感觉熟悉，不要等待共识形成。相反，进行压力测试，关注两个关键回报和三个重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>如果 MakeMyTrip 让你思考更深，不要止步于此。通过清晰的财务信号和基本面扩展你的工具箱，获取更有针对性的股票想法。</p>
<ul>
<li>通过扫描在稳健的资产负债表和基本面股票筛选器中（46 个结果）寻找更强的资产负债表，将财务韧性与增长空间结合起来。</li>
<li>通过查看 49 只高质量被低估股票，提前发现潜在的错误定价，这些股票的交易价格低于其评估价值。</li>
<li>在拥挤的交易之前寻找未来的佼佼者，检查包含 22 只高质量未被发现的珍品的筛选器，这些公司具有稳健的基本面。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>
<h3><strong>新功能：在一个地方管理所有股票投资组合</strong></h3>
<p>我们为股票投资者创建了 <strong>终极投资组合伴侣</strong>，<strong>而且是免费的。</strong></p>
<p>• 连接无限数量的投资组合，并以一种货币查看你的总额</p>
<p>• 通过电子邮件或手机接收新的警示信号或风险提示</p>
<p>• 跟踪你股票的公允价值</p>
<p>免费试用演示投资组合</p>

MMYT

<p>MakeMyTrip (MMYT) 的股票最近下跌，促使对其估值进行分析。尽管该股票的市盈率为 80.7 倍，远高于行业平均水平，但 Simply Wall St 认为其被低估，公允价值估计为 71.90 美元。该评估依赖于未来收益增长，主要受益于在线旅游的普及和印度可支配收入的增加。然而，风险包括竞争对利润率的压力以及可能影响需求的地缘政治或监管冲击</p>

<h2>Recent share performance and business mix</h2>
<div class="lb-trans"><h2>最近的股价表现和业务组合</h2>
</div><p>MakeMyTrip (MMYT) has drawn attention after a period of weaker share performance, with the stock down 11% over the past month and 15% over the past 3 months, inviting closer scrutiny of its fundamentals.</p>
<div class="lb-trans"><p>MakeMyTrip (MMYT) 在经历了一段较弱的股价表现后引起了关注，过去一个月股价下跌了 11%，过去三个月下跌了 15%，这引发了对其基本面的更深入审视。</p>
</div><p>The company generates US$1.04b in revenue across air ticketing, hotels and packages, bus ticketing and other services, with hotels and packages contributing over half of that total.</p>
<div class="lb-trans"><p>该公司在机票、酒店和套餐、巴士票务及其他服务方面的收入达到 10.4 亿美元，其中酒店和套餐贡献了超过一半的总收入。</p>
</div><p>See our latest analysis for MakeMyTrip.</p>
<div class="lb-trans"><p>请查看我们对 MakeMyTrip 的最新分析。</p>
</div><p>Those recent setbacks come after a much stronger run in previous years. The share price is now at US$44.09 and short term momentum is clearly fading compared with the longer term total shareholder return over three and five years.</p>
<div class="lb-trans"><p>这些近期的挫折发生在前几年强劲增长之后。当前股价为 44.09 美元，短期动能显然在减弱，相较于三年和五年的长期股东回报。</p>
</div><p>If this cooling momentum has you reassessing opportunities in travel and tech, it can be useful to widen the lens and see how other companies are lining up, including 21 top founder-led companies</p>
<div class="lb-trans"><p>如果这种降温的动能让你重新评估旅行和科技领域的机会，扩大视野，看看其他公司如何布局，包括 21 家顶尖创始人领导的公司，可能会很有帮助。</p>
</div><p>With the share price cooling and revenue at roughly US$1.04b, the real question is whether MakeMyTrip is quietly undervalued right now or if the market is already pricing in all the future growth.</p>
<div class="lb-trans"><p>随着股价降温和收入约为 10.4 亿美元，真正的问题是 MakeMyTrip 现在是否被低估，还是市场已经将所有未来的增长都计入了价格。</p>
</div><h2>Most Popular Narrative: 39% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：39% 被低估</h2>
</div><p>Compared with the last close at $44.09, the most followed narrative pegs MakeMyTrip’s fair value at $71.90, putting a lot of weight on future earnings power.</p>
<div class="lb-trans"><p>与最后收盘价 44.09 美元相比，最受关注的叙述将 MakeMyTrip 的公允价值定为 71.90 美元，这对未来的盈利能力寄予了很大期望。</p>
</div><blockquote>
<p><em>Expanding online travel adoption, driven by continued growth in internet and smartphone penetration and increasing comfort with digital bookings, especially in underpenetrated tier 2 and tier 3 cities, is likely to further expand MakeMyTrip's addressable market and support sustained top line revenue and booking volume growth.</em></p>
<p><em>Rising disposable incomes and a structural shift in consumer preferences towards experiences and frequent travel, including growth in international outbound travel, offer a long runway for increased gross bookings and recurring revenues, as reflected in robust year on year growth in both domestic and international segments.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>在线旅行的普及正在扩大，受益于互联网和智能手机渗透率的持续增长，以及对数字预订的日益适应，尤其是在渗透率较低的二线和三线城市，这可能进一步扩大 MakeMyTrip 的可服务市场，并支持持续的收入和预订量增长。</em></p>
<p><em>可支配收入的增加和消费者偏好向体验和频繁旅行的结构性转变，包括国际出境旅行的增长，为增加毛预订量和经常性收入提供了广阔的空间，这在国内和国际两个领域的强劲同比增长中得到了体现。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see what underpins this gap between price and fair value? The narrative leans heavily on rapid earnings compounding, expanding margins, and a richer mix of higher margin travel services. The exact growth path is laid out in detail for you there.</p>
<div class="lb-trans"><p>想了解是什么支撑了价格与公允价值之间的差距吗？这个叙述在很大程度上依赖于快速的盈利复合增长、扩大的利润率和更高利润率旅行服务的丰富组合。具体的增长路径在这里详细列出。</p>
</div><p><strong>Result: Fair Value of $71.90 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 71.90 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, this depends on competition not forcing lower take rates and on travel demand avoiding major geopolitical or regulatory shocks that could affect bookings and margins.</p>
<div class="lb-trans"><p>然而，这取决于竞争是否不会迫使降低佣金率，以及旅行需求是否能够避免可能影响预订和利润的重大地缘政治或监管冲击。</p>
</div><p><strong>Wall Street's queuing for one rocket.</strong> While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page.</p>
<div class="lb-trans"><p><strong>华尔街在排队等待一枚火箭。</strong> 当 SpaceX 倒计时准备上市时，其他与新太空竞赛相关的公司已经在轨道上。→ 20 家引人注目的太空公司观察名单 · 全球太空竞赛投资理念筛选器 · 按 Rocket Lab 的估值页面扫描该行业的估值。</p>
</div><h2>Another angle: what earnings multiples say</h2>
<div class="lb-trans"><h2>另一个角度：盈利倍数的看法</h2>
</div><p>The community narrative leans on future earnings power, yet on current numbers MakeMyTrip trades on a P/E of 80.7x. That is about 4x the US Hospitality industry at 20x and well above the peer average of 28.5x, as well as the fair ratio estimate of 54.5x the market could move towards.</p>
<div class="lb-trans"><p>社区叙述依赖于未来的盈利能力，但根据当前数据，MakeMyTrip 的市盈率为 80.7 倍。这大约是美国酒店行业 20 倍的 4 倍，远高于同行平均的 28.5 倍，以及市场可能转向的公允比率估计 54.5 倍。</p>
</div><p>That kind of gap can sometimes close through stronger earnings or through a lower share price. Which path do you think is more realistic for your own assumptions on this stock, the sector, and your time horizon, especially if growth or margins land differently to consensus.</p>
<div class="lb-trans"><p>这种差距有时可以通过更强的盈利或更低的股价来缩小。你认为对于你自己对这只股票、行业和时间范围的假设，哪条路径更现实，尤其是如果增长或利润率与共识有所不同。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/04965fa8-0e48-4f6d-b994-aca16de29f0a/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA2LTA2" alt="" original-src="https://images.simplywall.st/company/04965fa8-0e48-4f6d-b994-aca16de29f0a/chart/pe-multiple-vs-industry?date=2026-06-06"/></p>
<p>NasdaqGS:MMYT P/E Ratio as at Jun 2026</p>
<div class="lb-trans"><p>NasdaqGS:MMYT 截至 2026 年 6 月的市盈率</p>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>If this mix of optimism and caution feels familiar, do not wait around for a consensus to form. Instead, stress test the 2 key rewards and 3 important warning signs</p>
<div class="lb-trans"><p>如果这种乐观与谨慎的混合感觉熟悉，不要等待共识形成。相反，进行压力测试，关注两个关键回报和三个重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>If MakeMyTrip has sharpened your thinking, do not stop here. Broaden your toolkit with focused stock ideas built from clear financial signals and fundamentals.</p>
<div class="lb-trans"><p>如果 MakeMyTrip 让你思考更深，不要止步于此。通过清晰的财务信号和基本面扩展你的工具箱，获取更有针对性的股票想法。</p>
</div><ul>
<li>Target stronger balance sheets by scanning companies in the solid balance sheet and fundamentals stocks screener (46 results) that pair financial resilience with room for growth.</li>
<li>Spot potential mispricings early by reviewing the 49 high quality undervalued stocks that screens for quality stocks trading below their assessed worth.</li>
<li>Hunt for future standouts before they are crowded trades by checking the screener containing 22 high quality undiscovered gems built around underfollowed companies with solid fundamentals.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描在稳健的资产负债表和基本面股票筛选器中（46 个结果）寻找更强的资产负债表，将财务韧性与增长空间结合起来。</li>
<li>通过查看 49 只高质量被低估股票，提前发现潜在的错误定价，这些股票的交易价格低于其评估价值。</li>
<li>在拥挤的交易之前寻找未来的佼佼者，检查包含 22 只高质量未被发现的珍品的筛选器，这些公司具有稳健的基本面。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>
</div><h3><strong>New:</strong> Manage All Your Stock Portfolios in One Place</h3>
<div class="lb-trans"><h3><strong>新功能：在一个地方管理所有股票投资组合</strong></h3>
</div><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p>
<div class="lb-trans"><p>我们为股票投资者创建了 <strong>终极投资组合伴侣</strong>，<strong>而且是免费的。</strong></p>
</div><p>• Connect an unlimited number of Portfolios and see your total in one currency</p>
<div class="lb-trans"><p>• 连接无限数量的投资组合，并以一种货币查看你的总额</p>
</div><p>• Be alerted to new Warning Signs or Risks via email or mobile</p>
<div class="lb-trans"><p>• 通过电子邮件或手机接收新的警示信号或风险提示</p>
</div><p>• Track the Fair Value of your stocks</p>
<div class="lb-trans"><p>• 跟踪你股票的公允价值</p>
</div><p>Try a Demo Portfolio for Free</p>
<div class="lb-trans"><p>免费试用演示投资组合</p>
</div>

评估 MakeMyTrip (MMYT) 在近期股价走弱后的估值